"halftime" is over. "power lunch" and the second half of the trading day start right now. whoa nelly, as keith jackson used to say and probably still does. the bulls have been running big time until just a few minutes ago. the dow did hit a new all-time high today. why? a lot has to do with good economic numbers, but, and this is the big but, the very same good economic numbers could hasten a federal move so the big question as far as ben bernanke and his merry men and women is -- are concerned is this. now what? we are looking at the scenarios and the impact on your money, and an about-face, maybe about time. facebook back to near that ipo level. is it a buy or has it hit a high? first let go check in on the floor of a very busy new york stock exchange. >> good to see you, ty. markets have been the big story of the day. even though we have modest

advances right now, that was good enough to push the dow jones industrial average to a new high. since the 2009 bottom the dow is up 138%. take a look at dow since the 2007 highs, and even if you bought then you'd still be up about 10%. the s&p today is also in the green. the s&p last trade is up four points. the dow is up just about 19.5. the nasdaq composite is up 12 and the russell 2,000 is up 1.5 points. the ten-year note was a bit of a fly in the ointment because we've seen a big jump in yield. we're off the highs on the ten-year yield, 2.62% and 2.68% when we hit and did see a pullback in the market. let's get more on the trading action and bob pisani joins me on the trading floor. >> part of the data was good. >> and revisions in the gdp and that's a bit of the fly in the

ointment. >> on the whole it looks slightly to the positive side but adp was the real mover on the interest rate scenario. dow, into an historic intraday high. come off of there. i'll get to why in just a minute. i want to emphasize sue's points about interest rates. the stock market has a problem. put up the interest rates. moved up five or six basis points. quite significant. coming down here in the middle of the day and overall it's been a great day. a great month. broad participation in the market so consumer stocks energy stocks and health care industrials. this is the broadest kind of rally you could look for, and this is what the rest of the market has been doing the whole month overall. we had a problem, sue, and this relates to master card and visa. under the dodd/frank act, the federal government put a cap on fees the banks could charge merchants. a federal charge ruled the cap was too lenient and through whole thing out. victory for the retail groups and bad news for mastercard and visa. visa did the same thing and

mastercard had great earnings. at an historic high. >> i think that's why mastercard rebounded. focusing on the earnings rather than rules. >> the earnings came out this morning. 15% revenue growth. >> can't both that with a stick, right? >> everybody is complaining about revenue growth. >> thank you, bob, see you in a few minutes. >> we saw that the nasdaq is at a 13-year high. july, as bob mentioned has historically been the strongest month for stocks during the summer, and this year no exception. what can investors expect in august? seema mody is uptown at the nasdaq. hi seema. >> july has been a strong month. the s&p 500 up 5%. the nasdaq on pace for its best monthly increase since january of 2012. the dow up more than 4 has, the second best month of the year so what will happen in august? well, if you look back at the performance of the dow, since 1900 when july is positive for the dow, august is on average up 1.16%. okay, so does that mean more gains? well, not so fast. we're looking at over 72% of

stocks on the s&p 500 trading at a price-to-earnings ratio that is higher than the average of the s&p 500, that according to fact set. for this reason asset management firm douglas mclain says the market might be due for a pause. however, if you look at stocks that may move higher douglas mcclain says since the fed will taper at some point stick to stocks that can grow organically without the stimulus from the fed, offer a dividend and have a high growth rate. currently only 31 stocks on the s&p 500 fit this criteria sue. some of these names are in the technology space, microsoft cisco, corning, c.atechnologies. other names outside of techs, kohl's staples, lockheed martin and ryder systems. more on this list. sue, back over to you. >> look forward to that. see you in a bit. and now to josh lipton with the market flash. the "new york times" looking to sell the "boston globe." john henry, he's interested.

the owner of the boston red sox launching a solo bid for the "boston globe," that is according to reports in the "globe" which says henry previously submitted through the new england sports network which is 80% owned by his fenway sports group. that group reportedly dropped out. henry, one of the many interested in the "globe." sue, back to you. >> almost a 2.5% gain in the "new york times" today. thank you very much josh. kenny polcari joins the group, as you know a frequent guest, chef and also director at o'neill securities and a cnbc market analyst, too. you and i were talking just before we hit air, and you said the data is not good as you look at the gdp reports so you think mr. bernanke is not going to say anything new. >> i don't think he'll say anything other than what he's been saying full steam ahead and yes, we'll taper when the data tells us to and the data is not telling us that so therefore, i think the market is confused. it will hit a lot of natural sellers at the 1700 level, and i

think, you know any reason today to pop and go through 1700, at least test it it should have done that very early this morning, and the fact that it didn't really get there on the s&p, the dow made a new high, the s&p didn't get there and the s&p has once again backed off and you can feel it it'slet jim. >> still a lot of volume. >> people are just sitting and waiting until 2:00. >> the timing of the meeting is unfortunate. it would have been a lot better had we had the non-farm payroll report on friday out and then the fed meeting. >> bob, that gives us a few more days to speculate. >> i wish i had the data. a lot easier for the federal reserve. a little bit of a conundrum. i'm assuming they don't have the data. >> if you're a trader what do you do? >> remain cautious. at the moment the path to least resistance will be lower. i think they will attempt a try and will get pushed lower so as a trade type that's how you play it. as a long-term investor type you wait for that and you take advantage of that weakness. >> a fewer e-mailed me we've

got to start talking about the recipe. what's the recipe for tonight? >> i didn't write a note today out today, but yesterday i gave you grilled chicken with an apricot marinade. >> try that on for size. >> yes, it's delicious. ty up to you. >> serve lunch to us on fridays for the rest of the summer. all right. a milestone or maybe the shedding of a millstone for all of our friends and maybe yours at facebook. the stock hit its $38 ipo price today. there's the milestone. in the last year it is up 73%, believe it or not. in the past three months alone, 35%%. julia boorstin is our facebook watcher and is live in l.a. julia? >> tyler, how far facebook has come from its all-time low of 17.55 last september. facebook's turnaround is really about the company executing on the priorities laid out for investors. most importantly making money from its groebl growingwing mobile user base. facebook started to deliver when

mobile revenue lept to 23% of all ad revenue but the real surprise for investors came last week. fook reported much faster than expected growth. mobile revenue is now 40% of all its ad revenue. a year ago it was nothing. now, looking forward investors are counting on facebook to continue to grow ad revenue and launch a number of new ad formats which the company discussed on its earnings call including video ads, ads tailored to its graph search and they are also watching non-ad revenue like the platform facebook announced yesterday to distribute mobile games and to take a cut of revenue. back over to you. >> julia, thank you very much. is facebook a buy or a sell or a hold at these prices? jeff killberg has been a buyer from day one. also bought the stock back into the teens and 20s. rose cliff's capital murphy is here to make the bear case short-term. lock term he's bullish and short term not so much. jeff, let's start with you.

why do you think this stock is at least a hold and maybe a buy at this price close to the ipo price. >> well, tyler, this is all about the believers and the non-believers, and when you see sentiment change like this momentum to the upside 51% in just the last month. i really think it's a signal that a lot of folks out there might want to get into the waters there. really seeing the institutional ownership that's really underweight and compares them to a google so i think right here and now the signal is all clear because they have delivered. zuckerberg you know he delivered and executed on his mobile promise, so i know i was the first one to put on the hoodie and got withered down to a turtleneck and keeping the hoodie on ty, a long-term hold. >> mr. murphy you get the rebuttal here. at least in the short term you think the stock can pull back and indeed today it has pulled back off its $38 ipo price >> exactly. not sure how to rebut jeff's hoodie and turtleneck line but looking at the performance in facebook, ty up 50% in the stock and, yes, zuckerberg put

up a phenomenal quarter. it was all about the mobile revenue growth and he nailed it but the stock moved 50%. you're going to see people who are in at that $38 price target. once they got hold you saw it this morning. they got their 38. they were sellers there, a wave of sellers. i think you need some sort of consolidation here down around 32. i think it gets interesting and long term ty you'll see facebook pushing up for that all-time high which is at $45 a share, but you need some pullback here first. >> so you're basically saying wait to buy wait for the pullback, and, jeff if i'm paraphrasing you correctly, say full steam ahead. it's safe to buy here. >> i don't think the short squeeze is over to be completely honest and once you get that institutional investor declaring it's okay to come into this investment you will see this move higher but give murph a lot of credit. a lot of dead bodies floating from 38 to 45 i was one of those. 540 million shares trading on

the ipo so there will be selling pressure. as they break through the 40 level shares will continue to be on the run. >> thanks very much. jeff and mike appreciate it very much. well two titans or two or titans because they are titans in their own right but two titans making big moves on two companies and josh lipton has the news in a market flash. tyler? >> we begin with air products and chemicals ticker apd moving higher in today's trade, that after a big name investor carved out a big stake. bill ackman's pershing square the stake valued at $2.8 billion, according to ashman the largest acquisition by cost. ackman telling cnbc it's a great business that's undervalued and talked about its diverse customer and product base and substantial pricing power. we have some ideas on how to add value, ackman says. earlier this month ackman built his position in a large cap

investment grade u.s. corporation and some had speculated air products might be the company. just last week air products adopted a poison bill plan which prevented ackman from taking an even larger stake. also news today on another name tied closely to ackman and that's herbal life. our own scott wapner reporting george soros has taken a long position in herbalife, one of his top three holdings. ackman has referred to herbalife as a pyramid scheme and is shorting it and herbalife is up nearly 100% this year. sue, back to you. >> that trade has to hurt mr. ackman. i've got to tell you. josh thank you so much. >> anheuser-busch and imbev moving higher. right now the last trade on the stock is in the green by 6% plus. the world's largest beer-maker sold less beer but it made more money than expected in the second quarter on increased prices and consumer moves to the premium laggers. the company also announcing it will list its shares in mexico. despite the rise today, the

stock is flat over the past thee month. comcast is moving slightly higher. the parent of nbc universal and cnbc, the stock now up 5.75%, posting better than expected second-quarter profits boosted by stronger growth in high speed internet customers. the stock is up a full 20% this year to today. ty up to you. >> sue, he doesn't speak much but when he does it's important to listen. general keith alexander, the national security agency director and is giving a key address and we'll have the details of it next. also ahead, a huge super power player edition of the power pitch. the topic, storify. all the kids love it. if you don't know about this. it's big and getting bigger. one of our judges the chairman of yahoo!. you don't want to miss it coming up. n opportunity sales event to experience the precision handling of the lexus performance vehicles including the gs and all-new is. ♪ ♪ this is the pursuit of perfection.

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the head of the national security agency making a rare public appearance at a conference in las vegas today. i'm an javers is there live. they say what happens in vegas stays in vegas, but not really, especially with the nsa i guess. >> what happens in vegas is not staying in vegas for general alexander. the first cyber security and hacker conference since the edward snowden revelations. chairman alexander wrapped up his comments facing a really hostile and somewhat angry crowd here. a lot of hecklers interrupting his speech and one issuing a barn-yard epithet after general

alexander says we, the nsa, stand for freedom and he defended the nsa and defended the actions it takes even after the edward snowden disclosures and here's a little bit of what he said about the damage that the nsa is experiencing as a result of that's disclosures. >> if we tell everybody exactly what we're doing then the adversaries will know how to get through our defenses. that's why i believe what has happened, the damage to our country is significant and irreversible. what we're talking about is future terrorist attacks. >> and, of course general alexander took a little bit of a lighter note talking about the limits on e-mail collection even he said when it comes to his own daughters. >> i have four daughters. can i go and intercept their

e-mails? no. >> can you? >> no, you may be able to. >> i had a chance to catch up with general alexander just after the conference and he told me that he wants edward snowden to come home to the united states from russia to face justice. tyler? >> thank you very much eamon javers reporting from las vegas for us. >> shares of sumantek surging today. the maker of the norton anti-virus software posting better than expected results as customers used more of its security products in the wake of a series of publicized hacking attacks. the stock is up about 40% just so far this year. sue? >> some headlines to tell you about, ty. we start with michael dell. he says he expects his buyout deal to collapse unless the company's special committee changes how the votes on the transaction are counted. earlier the committee refused to change the voting standard for

an improved 13.75 bid. potash shares falling as the company faces increased competition and lower prices from a russian cartel which had been supporting prices. that cartel is now breaking up. and chipotle hitting a new 52-week high. the restaurant chain is up a full 38% year to date. for more stock news let's send it over to josh lipton for a market flash. >> yes, sue, these headlines just dropping on sony. rts board is expected to issue a formal rejection soon to dan loeb's third point, initiating a position in sobey earlier in the year and has called for a detachment of its entertainment business and said in a recent letter that the division is poorly managed, but, again, reports now to the board of sony will issue a formal rejection to third point. tyler, back to you. >> thank you very much. the smartest college grads in america are giving up six-figure salaries for a new and unique cause. the story of how they are making a difference and how we might

one day be working for them is just ahead on "power lunch." coming up power pitch. startups give us their 60-second pitch. >> mainly an advertising business. >> and we give you insight into the fast-paced world of venture capital. >> how fast are the stories growing? >> do these founders have what it takes? >> are you in or out on storify? stay tuned to find out.

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on today's "power pitch" we have a founder who wants to build a new information met network that provides a social perspective. burt herman is the co-founder of storify. knows the news well spent 12 years at the associated press as a bureau choef and correspondent and one of his assignments included covering the war in iraq as an embedded reporter and now he gets 60 seconds to make his "power pitch." let's take a look.

>> i'm burt herman and i'm the co-founder of storify. we're living in a time of media overload where anyone from all around the world can publish what they are seeing in realtime. that's amazing, but it's also really overwhelming. how do we make sense of that and find what actually matters in all of this media noise? that's why we created storify. storify is the best way that you can collect and publish what you see on social networks. we have a great dragon drop interface that makes it super simple to search across the entire web and publish that in a story. which then can be embed on any website. our users include people like the "new york times" and the "wall street journal," even cnbc and also top political organizations like the white house, the united nations and non-profits and brands who want to show what customers are saying about their products. we're launching a pro plan and premium features for these users, and we hope you'll check us out at storify.com.

>> all right. there you go. burt is on the right side of your screen. in just a minute he can hear us but can't react just yet. our panel, andrew cleland, managing director for comcast ventures where he focuses on digital media, ads, games all kind of things and the legendary technology executive main-yard webb, yahoo!'s interim chairman and ebay's former c.o.o. maynard, your first impressions of this venture? >> he's finding a way to get a signal out of noise which is great. i have a question of how much traction he's got though he seems to have a number of good customers already, but definitely an area of interest for me. >> andrew you actually met with burt's compatriot or co-foundry couple years ago. what rehearing then and what did you hear today? >> the story is pretty similar. they are solving a real problem. it is difficult. a lot of noise in social media today. i think media organizations and

news organizations and brands need to move from the centrally driven media to adapt and take advantage of social media so i like the pinpoint they are addressing and the background to the co-founders who used to be journalists themselves. >> they know the news business you work for comcast and we're cnbc, a natural customer or target for this product. all right. burt, welcome. time for you to join us in the hot seat and take some questions from our business consultants. andrew, you first. >> great. tell me a little bit more about the business model. if you look forward in the business in three or four years time mainly an advertising business or a premium services selling tools business? >> i think our strength is that we actually potentially have both options. we do have a consumer play in that you can come to storify and get your news and see news on other sites and that would mean more advertising, but we also have great customers as i mentioned including brands agencies non-profits, political groups who use us and actually want to pay for certain extra

services. >> subscription and advertising. maynard, your questions? >> yes. i'm interested in traction and growth, so how many stories do you have now and how fast are the stories growing? >> so we have on our entire network, we're get begun 20 million readers a month, and most of that is embedded on other sites and we get a pretty significant amount on storify, and it has been growing. our curators are putting together millions of elements actually every month into story. >> as you look down the road what do you think the division of your revenue stream will be ultimately more the consumer audience or more the professional audience? >> we do have consumers using us for things like weddings family trips and such but really the professional users are the ones where we're seeing much more traction so we see that happening, and really now when there are major events happening around the world, whether it's protests in the middle east supreme court decisions, whatever it might be, people

come to us and use us and embed us on their site and that's where we're seeing the most growth. >> are you in or out on storify? andrew, you first. >> i think the advertising business requires tremendous scale, a i'm not sure that storify has got there yet, and i think as a tools business underlying where there is traction with you i worry about market sides for that for that particular market so i'm out. >> maynard, how about you? >> i like the space. it is crowded. i like the founder. i love the fact that he's already got a business up and growing. there's more to do. i like his investor. i'm in. >> and i, too. i like the investors. i'm good. i like the idea of an aggregator that can pull together lots of media in one place where i can go and it's not so fragmented so i'm in. your reaction burt? >> appreciate the challenges definitely, as andrew highlighted, but i'm glad to hear that maynard is in that you're in and, yeah we look

forward to keep growing our business. >> all right. thanks very much to all of you, to burt andrew and maynard, and that is "the power pitch." a media aggravator. you heard what we've had to say and seen that i've changed my suit on storify, but we want to hear from you. are you in or out on "power pitch" on storify? tweet us your response and vote in our poll. i got rid of the dark suit and blue suit up next. quick update on the first one we profiled on "power pitch," learnvest. the company raised 16.5 million bringing their total investment to more than $40 million bucks, more proof that you can't afford to miss "the power pitch." these are real companies doing real things and raising real capital right here on "power

lunch." sue. >> we congratulate her and her company. great news. speaking of startups and venture capitals some of the best and brightest grads are giving up huge salaries to work at startups aimed at job creation where they desperately need it. three of them are here with us at the nyse. they are amazing stories and that and more coming up. meantime gold prices are closing right now. bertha coombs tracking the action for us over at the nymex. hey, bertha. >> hey, sue, we do have silver and gold closing here lower on the day after positive data this morning and ahead of the fed minutes this afternoon, but what's interesting is that gold has had a phenomenal month after hitting a low of 11.79 an ounce back on june 28th. it's had its best monthly gain of 7% here since january of 2012. also we've seen copper today higher on the back of that positive data that we saw this morning with the gdp stronger

than expected and copper winds up with a gain for the month. palladium is the big winner there. it's a fundamental story. tight supplies and disruptions in production and continuing demand from the auto industry for catalytic converters. sue? >> bertha thank you. now to bob pisani right here at post 9 and ahead of the fed the markets did hit a new high but we're kind of treading water right now. >> the question isn't really why are we coming off of the highs? the question is why do we hit new highs to begin with? very difficult for the market to move up. dow industrials moving up and i saw unusual because interest rates moved up early on on the adp reports, and when that happens on days when you move up and go through new territory here nearly 2.7% that usually puts pressure on the market. it didn't today, and traders thought that was a little unusual. there is some nervousness going into the meeting at 2:00 p.m. eastern time. give you market leaders for the month. there you go 5% overall.

can't ask for anything better than that. >> sure can't, bob. thank you very much. let's go uptown to the nasdaq. seema mody following the movers there for us. >> nasdaq at a 13-year high sumantek the best moving stock. 1 the maker of norton anti-virus software has been able to benefit from the increase of anti-hacking attacks. facebook breaking its ipo price of 38 bucks a share for the first time since it went public and apple on the move. ceo tim cook met with china analysts, a potential partnership with china mobile could be a big revenue driver for apple given that apple is the world's biggest smartphone player. back to you, sue. >> rick santelli is tracking the action at the cme, and we had a big jump in interest rates earlier this morning, ricky. >> we, have but we still have to go after that 2.74 high yield close from several weeks back. as you see on the 24-hour chart, did hit as high as 2.70 and

closed at 2.61 hovering right near 2.65. open the chart up from the 20th of june. you can see the right side is taking out that high yield and close of 2.61 on the left. if you look at the boon they had spongy data. they had around 5:00 a.m. eastern. their yields went down. our numbers come out and the yields moved up unchanged. the dollar index, the month of the dollar index. you see it a big drop and today it started out stronger. it's given up a little bit of ground. we're all waiting for the fed statement. tyler, back to you. >> rick thank you very much. adp, gdp, fomc. is 1.7% growth good news or bad news for the u.s. economy? and summers versus yellin. who will be the next fed chief. a special econpower rundown is two minutes away. we'll turn off the clock on this one and we'll let it run. the power pitch has captured the attention of several players in the silicon valley and anyone

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time for a very powerful fed edition of the power rundown. vince was a former secretary and economist for the federal open market committee. gentlemen, what can we expect from the fed statement today, and will the fed begin to taper this fall given some of the data that we've seen? vince, you get the first shot. >> not much from the statement. yes, they will taper probably in september. they have lost the religion about qe and want to extract themselves from the program where chairman bernanke is still on watch. as for the statement, gdp data this morning let them off the hook. they don't have to worry too

much about the weaker economic data of late. they don't have to express too much pain about overinflation so they will true up the first paragraph and align it with what the chairman said in his semi-annual testimony a few weeks back. >> pep you want to diverge from that or concur? >> i would like to concur in the interest of good tv 1.7 better than expected the adp number better than expected so the fear is the economy was somehow faltering again don't look to be realized so i think you'll see status grow and a little tweak to the statement and there's no indication that they will change course to start tapering the quantitative easing in september which some wonder no inflation, why would you do that. unemployment is still 7.6%. economy not doing great, gangbusters, but they are indeed quite committed to start the wind winddown of qe. >> what we've been talking about, that 1.7% number. does it hasten the taper, do

nothing for it? slow the taper, and what does it say about underlying growth? is it a strong or a weak number? >> okay. first it doesn't change the taper. the taper is about sustained employment growth since they put the program qe open-ended in play. as long as the non-farm boy rolls don't fall off, they will be willing to start tapering in september, having set markets up for doing it sooner and the numbers are not so obviously strong to warrant that. as for the data themselves what's impressive about 1.7% growth in the second quarter is that was supposed to be the peak of fiscal drag. we had the equivalent of 1.75% of fiscal drag associated with the tax increases and sequester, and we could still get 1.75% growth. that tells you there's underlying support. >> ben, that's a very interesting point, and from where i sit where you have

modest growth 2% or thereabouts and very most inflation. that's a pretty good recipe for the stock market ben. let's talk now about the topic that is on a lot of people's lips and that is who might replace ben bernanke? it looks as if the race has narrowed down to fed vice chairman janet yellen and former treasury secretary larry summers. is there an edge to one or the other or even a third party? >> i think there's a clear edge to larry summers. all my reporting is suggesting that the president is leaning strongly in his direction, very comfortable with larry summers as an economic adviser and credits him with decisions of policy after the stimulus wall street ballout, summers was important to the president for that, so i think barring any kind of major change between now and the fall it's more likely to be summers than yellen but he's not made a decision. the president went to capitol hill to talk to democrats. some democrats in the senate in particular had been behind janet

yellen and said they would like to see the first female fed chair, were not so comfortable with summers. he made a very strong case in those meetings for larry summers, and he said don't believe everything you read in "the huff post" when it comes to summers' view on monetary policy his track record working with him. he's pushing back hard on this idea that summers is somehow unacceptable to the left. that should tell you a lot about who president obama wants. >> a nice little poke from the guys at "huff post." >> the president said it not me. >> mr. summers is alternately lauded as a brilliant economist, but he's also a controversial and sometimes asiddic guy. >> to me the most constructive thing is the passage of time. if the president has an easy choice of janet yellen and doesn't float any trial balloons, doesn't mention, it doesn't even use that as a mechanism to push back when the

fed started talking about the exit six weeks ago, probably means that he doesn't really want to do it and is thinking about other candidates. the question is the backlash sufficient to mean he'd be unwilling to appoint summers, in which case you do have to put a third person on the list. don't know who that third person is. >> the third person might be timothy geithner. i can tell you that from former conversations i've had. the former treasury secretary doesn't want the job, just moved to new york but he's very comfortable with the president and the president is comfortable with geithner. >> if not timothy geithner maybe tim tebow. appreciate it. sue, down to you. >> all right ty when we come back you'll meet these three incredible people and they have incredible stories. they are young americans that are giving up big bucks to help the saumpt we haveusa. we have more on that on "power lunch" in two minutes time. rver. one that's 80% smaller. uses 89% less energy.

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break about skill sets. it is very generous for you to do this but you think you're looking much further ahead in your life. what is this doing in terms of your skill sets? >> so i started out initially with my heart set on finance, worked for merrill lynch for two summers, and working on a small team there i realized what i really enjoy is building businesses kind of from the ground up, helping that team build their book of business and that skill set, whether it's finance or anything else i think learning how to build a business from the ground up is the way that i learn, and i think that's what i'm good at so it has provided me the opportunity. >> what has surprised you as you work at the company and work with the entrepreneurs you've had the privilege of working with? >> the most surprising thing is just the availability of everybody in the venture for america so all the fellows in the program and the mentorses that they establish relationships with us and also the communities of the cities that we're in.

everybody has been super welcoming to us and made us feel welcome the cities we're going to and made us feel like there's an impact. >> jim, you said something that you're bullish on america, that you're bullish on the job picture. tell me more about that. >> take a glimpse at my city i'm in cincinnati ohio and just looking at over the rind the number of businesses there and people very ambitious and very bullish and venture for america is looking for the same type of people, just building ourselves up. >> you know we talk a lot about washington on the program and the inability of washington to get something done. i know this may sound like it's coming out of left field, but what would you like to tell washington about what you've learned and how they can learn to execute? >> i think one of the things i've learned is how quickly people at my company can assess the problems that we have and make decisions quickly to rectify those problems. i mean as a startup you mess up almost every single day, but being able to identify the problems quickly and then also you know take steps to fix

those moving forward is something that we've done a really great job on. >> paige? >> well i think startups and technology are some of the best ways to create jobs so my company grabbing frontiers warnings in nano technology and i've seen so many start yps come out of my university in nano technology so that's a growing firm that deserves investment there. >> congratulations to you all. it's going to be a fantastic journey for you. thank you for spending time with us today. we really appreciate it. >> thanks for having us. >> counting you down to the fed decision. that's coming up next. worth the wait. ♪ ♪ summer's best event from cadillac. let summer try and pass you by. lease this all-new cadillac xts for around $399 per month or purchase for 0% apr for 60 months. come in now for the best offers of the model year.

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yahoo! finance question of the day, with second quarter gdp and jobs and manufacturing better than expected where do you stand on the economy? >> 27% says it's getting better and 21% not enough signs of recovery and 52% say things are still shaky. that will do it for a somewhat abbreviated edition of "power lunch" because -- >> the fed decision on interest rates is minutes away on "street signs." ♪ ♪ [ agent smith ] i've found software

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welcome to this fed day version of "street signs." ben bernanke your special guest, well, kind of. the fed rate call is due out in minutes. will this be the fed meeting that things finally change or will bernanke and co give us more clarity on their bond-buying plans? all this as the dow hits another all-time high. hello, everybody, and welcome to "street signs." we've got an all-star panel lined up for you on this big breaking news hour. with us jpmorgan funds david kelly, vanguard's ken volpert, our own steve liesman, bob pisani and rick santelli. we'll hear from all of them in a minute and guggenheim's scott minor on board soon.

the dow is up another all-time high. not soaring, up 12 points and well off the highs of the day, but those highs were enough to propel us to another record. bank of america one of the dow's big winners while american express is on the downside. incredibly there have only been five down days for the s&p 500, and the nasdaq this month, so much for any summer swoon. all right. as we await the fed let's kick it off with our guests. steve liesman first, your expectations, sir, on what the fed may or may not do. >> i'm interested in how they characterize the labor market. they said it was further improving, we had the 280,000 adp. i'm not sure if the fed will go with that as their be all and end all. that will be the key. they had some guidance. remember fed chairman ben bernanke came out and made us raise our eyebrows and said that the committee basically thought that if things go as planned we're going to essentially taper litter this year and end it a year from now. see if that works its way into

the statement or the statement as is. >> spending some time to clarify and backing off. >> like a month's word. >> every fed official that spoke was like let me explain. >> they do the same thing except they said it with this or with that and a different exif a sis. david kelly, your expectations. >> very similar to that. >> the key thing is they are going to try to embed into the text some of what ben bernanke said at his last press conference, can't really leave that out, but also -- >> what if they leave it out? what if they leave it out? >> then they are getting further and further from clarity and communications because if they leave it out then people -- it's only going to beg more questions. it's bad for markets. bad for the stock market if they leave it out. i think it increases uncertainty, but i expect them to incorporate in some form and the key thing is i think they will say they are still in the same timetable because nothing in the data in the last six weeks should be enough to deviate from the timetable but they also emphasize data dependant depending on the labor mark. >> ken, are you looking for more

clarify between the idea of tapering and tightening? there seems to be some confusion out there, and we've tried to clear it up for people. what's the most important thing for you in this statement? >> yeah i think they will kind of formalize the tapering plan or at least discuss it that it will start later this year that they are expecting that to happen, but i do think they will also talk about, you know their expectation or hopefully they will talk about their expectations from the end of taper to the beginning of tightening being a longer period of time and give more clear forward guidance of what it looks like to be you know finished with tapering and still not tightening. >> a key line in the previous statement, this from june and this is important because we always try to parse the differences between the statements. this is from the last statement. a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens, so steve, that's your differentiation between tapering the asset

purchase program. >> absolutely. >> and tightening the accommodative policy. >> right. >> will that line change? >> i don't think so. that would not be my expectation. there's also by the way, the actual numerical metric 6.5% unemployment for changing the funds rate and also a substantial improvement for changing the. a quantitative easing. those have been a sore point of improvement that the fed has had to try to make that less nebulous but i'm not sure how successful they have been at that. >> my scary thought was quickly what if we don't get to 6.5% unemployment. >> ever. >> because of productivity gains, i mean, is that a possibility? >> i was thinking about that more and more what happens then? >> it's not what the fed thinks will happen, but if that does happen, then the fed will change its view of what the long run unemployment rate was and would ease off because it didn't think it could do any good, a matter of the fiscal authorities changing that. >> we're ate waiting the fed. the fed is not on a firm

schedule. that statement usually comes down in ten seconds time so there you go the ten-year yield at 2.662%. the dow jones industrial average is up just 12 points well off its highs of the session so there you go. that's what it looks like before the fed. let's get to happen. ton pearson at the federal reserve. >> reporter: support a stronger economic recovery and help insure inflation over time. is it most consistent with its dual mandate? they decided to continue to purchase mortgage-backed securities at a pace of 40 billion per month and longer term treasury securities at a pace of 45 billion per month. the committee will closely monitor incoming information on economic and financial developments in the coming months and will continue its purchases of treasury and agency mortgage-backed securities and employ its other policy as appropriate until the outlook for the labor market has improved subst